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Vocabulary 1
Vocabulary 2
Types of Economies
The Constitution
Econ 101
100
Unlimited Wants, limited resources
What is Scarcity
100
This refers to creating or building a democratic government where one did not exist before.
What is Democratization
100
An economy where bartering is used, money rarely changes hands, and little surplus is produced.
What is a Traditional Economy
100
The first part of the Constitution that is an introduction and an explanation of why the document was written and what the purpose is.
What is the Preamble
100
This is the main economic problem faced by societies.
What is Scarcity
200
What you have to give up in order to have something else
What is Opportunity Cost
200
This refers to when the ruler of a country is replaced with someone else.
What is a Regime change
200
Supply and Demand determine price, income, and production in this type of economy.
What is a Market economy
200
These make up the second part of the Constitution and lay out the branches of government and how government is supposed to work.
What are the Articles
200
this is what happens when supply is high but demand is low.
What is price is low
300
How much of something that is available
What is Supply
300
This refers to personal freedoms and is a founding principle of the Constitution
What is Liberty
300
The Government controls price, income, and production in this type of economy
What is a Command economy
300
These make up the third part of the Constitution and guarantee certain individual rights such as the freedom of religion and the right to bear arms.
What are the Amendments
300
This is what happens when demand is high, but supply is low.
What is Price is high
400
How much of something people want
What is Demand
400
This refers to a sense of fairness and is a founding principle of the Constitution
What is Justice
400
Any two of traditional, market, or command economies can be combined to produce this type of economy (usually command and market).
What is a Mixed economy
400
This is a founding principle of the Constitution and it is the idea that no one is above the law and all laws apply equally to everyone.
What is Rule of Law
400
This way that individuals and societies deal with scarcity simply means to produce more
What is growth
500
To trade goods without using money
What is to Barter
500
This is the belief that all people have value or worth
What is Human Dignity
500
This is the type of economy we have in the U.S.
What is a Mixed economy
500
A PAC is a type of group we can interact with the government through. This is what PAC stands for.
What is a Political Action Committee.
500
This word means to save and it is one way that individuals and societies can use existing resources wisely.
What is conserve